Some cryptic signs for crypto today
An hour ago the SEC tweeted this:
The link goes to a bulletin they wrote in June, so it’s not necessarily new but there is a frenzy of watching for an ETF approval right now.
There are about 40 futures and physical ETF filings in the pipeline and it’s a race to get there first. In Canada earlier this year the first ETF was released and just a day later another two came, followed by even more. The first one continues to hold all the volume, so it’s an all-or-nothing proposition but getting there first means you get to manage a huge poll of capital with that sweet MER money indefinitely.
It’s clear the the first approved US ETF will be back by futures. Later, we’ll get a physical backed ETF that will also likely prove to be popular.
Another positive sign that a bitcoin ETF is coming soon, according to Bloomberg’s Eric Blachunas, is that funds that are applying are ETFs are being assigned tickers. He asserts that’s usually a final step.
I asserted years ago that a bticoin ETF would be what propels it much higher but it’s also one of those cases where a ‘sell the fact’ trade is in play. But looking at the chart, I’d be shocked if we don’t see at least a challenge of the old high of $64K on the news.
All that said, I can’t help but get a chuckle out of this: